Meta Platforms Inc. said it would cut more than 11,000 workers, or 13% of staff, embarking on the company’s first broad restructuring to cope with a slumping digital-ad market and falling stock price, reports The Wall Street Journal.
In a message to staff on Wednesday morning, Chief Executive Mark Zuckerberg said the company, the parent of Facebook META -0.26%decrease; red down pointing triangle and Instagram, would cut staff across all of its businesses, with its recruiting and business teams disproportionately affected. The company is also tightening its belt by reducing its office space, moving to desk sharing for some workers, and extending a hiring freeze through the first quarter of 2023.
“This is a sad moment, and there’s no way around that,” Mr. Zuckerberg wrote, adding that he had been wrong in assuming that an increase in online activity during the pandemic would continue. “I got this wrong and I take responsibility for that.”
In a call Tuesday with hundreds of top managers, Mr. Zuckerberg said he had been overoptimistic about growth and was accountable for the company’s missteps, The Wall Street Journal previously reported.
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